40797-First Time Buyer LP

First-Time Home Buyer Program

Congratulations on being ready to purchase your first home. We are here to help you through the entire process. Our first-time home buyer program can help you with:

More affordable
down-payment

As a first-time home buyer, you can contribute as little as 1% of your own funds.

Grants Available

Maine State Credit Union has partnered with Federal Home Loan Banks to help provide first time home buyers with down payment assistance, when funding is available

Reduced Closing Costs and Other fees

As part of our first-time home buyer program, we are reducing the closing cost too.

Include home improvements as part of your mortgage

As part of our first-time home buyer program, you can roll in the cost of home improvements to your mortgage.

First Time Home Buyer Education

To help you qualify for our first-time home buyer program, please complete this class:

Pre-approval Process

Get pre-approved for your mortgage and make sure you do not miss out on your dream house.

Get Pre-Approved

Use Our Mortgage Calculator

Estimate Your Monthly Payment

Annual Taxes

Property taxes and interest rates can vary by location. Enter the yearly property taxes for the property you are interested in.

Home Insurance

Did you know the price of your home can affect your interest rate and the loan type that you're eligible for? It's also used to figure out your loan-to-value (LTV) ration, another factor that affects your interest rate.

Home Price

Down Payment

The down payment is the money you pay upfront for your new home. You'll usually need a down payment of at least 3%. FHA loans require at least 3.5% down, and VA loans can have 0% down.

Interest Rate

Your interest rate will vary based on a number of factors: home price, down payment, credit score, and even location.

Loan Type

Principal & Interest

Property Taxes

Home Insurance

Mortgage Insurance

Apply Now

This calculator is for estimation only. Actual values may differ*

Mortgage Checklist

As you prepare to start the mortgage application process, gather these documents before you start. This will save time as you move through the system.

Recent copies of your W2” to Last 2 years of W2’s or Tax filings (if self employed)
Paystubs
Investment statements
401K statements
Bank Statement
Valid Photo ID
Copy of the purchase and sales agreement

Print Checklist

Mortgage Timeline

1. APPLICATION

Collect Paystubs / W-2’s
Mortgage loan officer will reach out discuss loan programs currently offer to choose best fit
Check out of mortgage timeline or resources on website to look at what’s involved in the process

2. LOAN REQUEST REVIEW

Our team will review credit and current income
We’ll generate documents for your pre-approval or purchase
Important to monitor emails or calls from loan officer with notifications

3. COLLECT INITIAL DOCUMENTS

We’ll collect all documents (Purchase & Sales agreement, Bank Statements, initial disclosures, etc)
Important to have all documents ready to send in once under contract to make a smooth process

4. APPRAISAL & TITLE WORK ORDER

Once all documents have been reviewed by our team, we’ll place the orders for title work and the appraisal
Appraisals and title work typically take 2-3 weeks to complete
Loan officer will be in touch with progress updates

5. FINAL REVIEW & PRE-CLOSING

Gather homeowners insurance policy for the home
Review of title work and appraisal once back
You’ll receive a closing disclosure 7 days in advance of closing the loan

6. CLOSING

Closings do take place in person either at one of our branches or the title companies office
Funds to close do have to be in the form of a bank check or wired to closing agent
At closing, you will need to bring the funds to close along with a non-expired, government issued photo ID